12. How much would you need to deposit into an account each month, many deposits, in order to have $8,590 in the account in 5 years? Assume the account earns 3.2% interest, compounded monthly. Round to two decimal places. a. Write down the formula used below. Write the variables and what they are equal to. b. Solve the problem. Round to the nearest hundredth.
12. How much would you need to deposit into an account each month, many deposits, in order to have $8,590 in the account in 5 years? Assume the account earns 3.2% interest, compounded monthly. Round to two decimal places. a. Write down the formula used below. Write the variables and what they are equal to. b. Solve the problem. Round to the nearest hundredth.
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:12. How much would you need to deposit into an account each month, many deposits, in order to have $8,590 in
the account in 5 years? Assume the account earns 3.2% interest, compounded monthly. Round to two decimal
places.
a.
Write down the formula used below. Write the variables and what they are equal to.
b. Solve the problem. Round to the nearest hundredth.
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